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Can we use the property tax assessor's value at the time of the gift as the Fair Market Value for a home that was gifted to my husband from his mom?
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@bc-23 wrote:
Can we use the property tax assessor's value at the time of the gift as the Fair Market Value for a home that was gifted to my husband from his mom?
Yes, you can but the IRS can properly refuse to accept that valuation (and rightfully so).
An appraisal from a licensed real estate appraiser is typically what the IRS will accept in almost all instances.
@bc-23 wrote:
Can we use the property tax assessor's value at the time of the gift as the Fair Market Value for a home that was gifted to my husband from his mom?
Yes, you can but the IRS can properly refuse to accept that valuation (and rightfully so).
An appraisal from a licensed real estate appraiser is typically what the IRS will accept in almost all instances.
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